Question: Problem 6-48 Variable Interest Rates (L01) A 10-year annuity pays $1,700 per month, and payments are made at the end of each month. If the

Problem 6-48 Variable Interest Rates (L01) A 10-year annuity pays $1,700 per month, and payments are made at the end of each month. If the interest rate is 12 percent compounded monthly for the first five years, and 8 percent compounded monthly thereafter, what is the present value of the annuity? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.) Present value

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